Dutch insurer Aegon reports 2013 profits almost halved

20th February 2014, Comments 0 comments

Dutch insurer Aegon said on Thursday its yearly net profits fell by nearly half, blaming losses on investments meant to protect the group's position in the market.

The Hague-based group saw net profits dive by 46 percent to 849 million euros ($1.16 billion), down from 1.58 billion euros in 2012.

"Net income was impacted by fair value losses, mostly related to hedges to protect our capital position," Aegon's chief executive Alex Wynaendts said in a statement.

He added however that "capital levels and cash flows remain strong."

Turnover also rose by 6.0 percent to 7.15 billion euros, mainly driven by an increase in deposits.

The group proposed an 0.11 euro dividend per share.

Aegon shares were down by 5.01 percent in mid-morning trade on the Amsterdam stock exchange.

Aegon, created in 1983 through the merger of two Dutch insurers, has about 27,000 employees and more than 40 million clients, mainly in the Netherlands, the United States and Britain.

© 2014 AFP

0 Comments To This Article